While Murphy could have plied his trade in the more lucrative npower Championship with a Blackpool side who made the play-off final at Wembley, he feels his decision to stay at Fir Park was the right one for football reasons.
Team-mate Keith Lasley has signed a new two-year contract after rejecting financially superior offers elsewhere, and Murphy feels the team spirit at Fir Park is crucial to the club continuing to exceed expectations.
Murphy said: "I felt I could help the club get third place and I scored a few goals. It was definitely the right decision for me at the time and I'm just looking forward now.
"Tim has made the decision to move on and good luck to him, he's a good friend and he will be missed in the changing room. It happens every year, even coming through the youth teams there were people getting paid more at other clubs.
"But that's not a big part of football for me. For me football is about playing well and achieving stuff, like we did this season finishing third and getting into Europe. If you look at the budgets, ours is one of the smaller ones. It shows what a good team we have got here and a good team spirit."